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It is one of the biggest scams of recent times: Kejriwal on Modi's demonetisation policy

It is one of the biggest scams of recent times: Kejriwal on Modi's demonetisation policy

India Blooms News Service | | 12 Nov 2016, 07:53 pm
New Delhi, Nov 12 (IBNS): Attacking Prime Minister Narendra Modi on Saturday, Delhi Chief Minister Arvind Kjejriwal called his move to ban Rs. 1000 and Rs. 500 currency notes as the 'biggest scams' of recent times.

"Not just that. It is one of the biggest scams of recent times," Kejriwal tweeted.

The Government has scrapped the Rs. 1000 and Rs. 500 notes with effect from Tuesday midnight to fight black money. 

In unprecedented scenes, millions of people since Thursday morning thronged in front of banks across the country to deposit the now-invalid Rs. 500 and rs. 1000 notes.

The Government has asked the people to deposit their Rs. 500 and Rs. 1000 notes in banks within a specific time frame and get smaller denominations in exchange.

It has also  announced that deposits above Rs. 2.5 lakh will be taxed and could draw a 200 per cent penalty if found disproportionately higher than the account owner's income.

The banks have been asked to keep the details of PAN card of people depositing such large amounts over the 50-day period till December 30

Banks will remain open this weekend and many banks have announced longer working hours.